Bloomberg Wins Global Award for FX Market Overhaul in Nigeria

Bloomberg has been awarded for its significant role in the overhaul of Nigeria's foreign exchange market, winning the Financial Market Infrastructure Services Wholesale category at the Central Bank Award 2026. The judges acknowledged Bloomberg's efforts in building a transparent and liquid foreign exchange market in Nigeria, alongside Sri Lanka.

Key to this achievement was Bloomberg's rollout of the anonymous electronic central order limit book, which enhanced the central bank's auction system and allowed the Treasury Department to optimize debt auctions. The Central Bank of Nigeria (CBN) introduced the electronic foreign exchange matching system (EFEM) powered by Bloomberg's Bmatch, transforming FX trade with mandatory real-time order submissions, improving price discovery.

Nichola Bean, Global Head of Electronic Markets at Bloomberg, noted the recognition reflects the combined impact of their Bmatch and auction systems. The award coincides with a broader recognition of Nigeria's financial reform agenda under CBN Governor Olayemi Cardoso's leadership.